Here is the PR Newswire story w/ Income and Balance sheet statement.
Lattice Semiconductor Reports Second Quarter Results
October 14, 1996, 7:30 PM EDT
HILLSBORO, Ore., Oct. 14 /PRNewswire/ -- Lattice Semiconductor Corporation (Nasdaq: LSCC) today announced
financial results for its second fiscal quarter ended September 28, 1996. Revenue for the quarter was $48.6 million, flat with
the revenue reported in the same quarter a year ago, and up slightly from last quarter's revenue of $48.2 million.
Net income for the quarter was $10.5 million, or $0.46 per share, an increase of seven percent from the $9.8 million ($0.49
per share) reported in the same quarter last year, and up slightly from last quarter's net income of $10.4 million ($0.46 per
share).
Gross margin, as a percentage of revenue, for the quarter was 58.9 percent, up 0.4 percentage points from the same quarter
last year and up 0.1 percentage points from last quarter. Improvement in gross margin resulted mainly from a shift in product
mix towards proprietary high-density in-system programmable (ISP(TM)) products and from successful ongoing cost
reduction programs.
"We are encouraged that we were able to achieve these financial results in what has generally been a difficult period for the
semiconductor industry," stated Cyrus Y. Tsui, president and chief executive officer. "Quarterly high-density ispLSI(R) product
family revenue posted record revenues, growing 37 percent when compared to the same quarter last year and growing slightly
on a sequential basis. Customer acceptance of our industry leading ISP(TM) products and design-in activity continue to be
strong.
"We have observed some early signs that the inventory driven slow-down in our market may be coming to an end," Tsui
continued. Bookings increased significantly during September and have continued at a similar pace as we begin the new
quarter. However, we are still totally dependent on 'turns' orders to achieve near-term growth in business," Tsui concluded.
Statements in this news release looking forward in time are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Investors are cautioned that forward-looking statements involve risks and
uncertainties, including the effect of changing economic conditions, the effect of overall semiconductor market conditions,
product demand and market acceptance risks, risks associated with dependencies on silicon wafer suppliers, the impact of
competitive products and pricing, technological and product development risks and other risk factors detailed in the
Company's Securities and Exchange Commission filings. Actual results may differ materially from forward-looking statements.
Lattice Semiconductor Corporation is based in Hillsboro, Oregon. The company designs, develops and markets high
performance ISP(TM) programmable logic devices (PLDs). PLDs shorten design cycles and reduce development costs by
allowing the customer to quickly and efficiently incorporate different logic functions on a single device. Lattice Semiconductor
products are sold worldwide through an extensive network of independent sales representatives and distributors, primarily to
OEM customers in the fields of communications, computing, computer peripherals, instrumentation, industrial control and
military systems. Company headquarters are located at 5555 N.E. Moore Court, Hillsboro, Oregon 97124 U.S.A.;
Telephone 503-681-0118; FAX 503-681-3037.
For more information on Lattice Semiconductor, access the Company's World Wide Web investor relations site at:
lscc.com.
NOTE: GAL, pLSI and ispLSI are registered trademarks of Lattice Semiconductor Corporation. ISP and In-System
Programmable are trademarks of Lattice Semiconductor Corporation.
LATTICE SEMICONDUCTOR CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except per share data)
Three Months Ended (unaudited)
Sept. 28, June 29, Sept. 30,
1996 1996 1995
Revenue $48,638 $48,168 $48,608
Costs and expenses:
Cost of products sold 19,995 19,838 20,190
Research and development 6,888 6,754 6,690
Selling, general and administrative 8,194 7,897 7,716
Total costs and expenses 35,077 34,489 34,596
Income from operations 13,561 13,679 14,012
Other income, net 2,168 2,030 917
Income before provision for
income taxes 15,729 15,709 14,929
Provision for income taxes 5,269 5,261 5,151
Net income $10,460 $10,448 $9,778
Net income per share $0.46 $0.46 $0.49
Weighted average common and
common equivalent shares
outstanding 22,630 22,651 20,119
LATTICE SEMICONDUCTOR CORPORATION
CONSOLIDATED BALANCE SHEET
(In thousands)
Sept. 28, March 30,
1996 1996
(unaudited)
Assets
Current assets:
Cash and short-term investments $232,602 $215,170
Accounts receivable 20,294 22,884
Inventories 28,359 21,761
Other current assets 33,608 29,001
Total current assets 314,863 288,816
Wafer supply advance 2,450 14,507
Property and equipment, net 29,095 25,471
Foundry Investment and other assets 14,209 14,141
$360,617 $342,935
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and other accrued
liabilities $20,897 $22,471
Deferred income on sales to distributors 14,016 16,896
Income taxes payable 2,214 4,800
Total current liabilities 37,127 44,167
Stockholders' equity 323,490 298,768
$360,617 $342,935 SOURCE Lattice Semiconductor Corp.
c PR Newswire. All rights reserved.
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